Pacira BioSciences Reports Full-Year 2019 Preliminary Revenue of $421.0 Million
“2019 was a year of outstanding results led by strong EXPAREL® (bupivacaine liposome injectable suspension) revenue growth as it becomes a critical mainstay of anesthesiologists’ opioid-sparing strategies for a wide range of soft tissue and orthopedic procedures. In addition, we successfully advanced the initial commercial rollout of iovera°, which we believe positions us to become the preferred provider of opioid-sparing pain management for both inpatient and ambulatory surgeries,” said
2019 Full Year & Fourth Quarter Revenue Highlights
- Fourth quarter net product sales of EXPAREL/bupivacaine liposome injectable suspension were
$118.6 millionin 2019, compared to $94.7 millionin 2018.
- Fourth quarter EXPAREL net product sales were
$116.9 millionin 2019, compared to $94.4 millionin 2018. Sales of bupivacaine liposome injectable suspension to a third-party licensee for use in veterinary practice were $1.7 millionin 2019, compared to $0.3 millionin 2018.
- Full-year EXPAREL net product sales were
$407.9 millionin 2019, compared to $331.1 millionin 2018. Sales of bupivacaine liposome injectable suspension to a third-party licensee for use in veterinary practice were $3.2 millionin 2019, compared to $1.3 millionin 2018.
- Fourth quarter iovera° net product sales were
$3.2 millionin 2019. Full-year iovera° net product sales were $7.9 millionin 2019. Pacira began recognizing sales of iovera° in April 2019after completing its acquisition of MyoScience, Inc., a privately held medical technology company.
- Fourth quarter royalty revenue was
$0.6 millionand full-year was $2.1 million; compared to $0.4 millionand $1.9 millionin 2018, respectively.
- The company’s 2019 financial guidance was as follows: EXPAREL net product sales in the range of
$400 million to $410 millionand iovera° net product sales in the range of $8 million to $10 million.
The financial information included in this press release is preliminary, unaudited and subject to adjustment. It does not present all information necessary for an understanding of the company’s fourth quarter and full-year financial results for 2019. Pacira expects to report its complete financial results for the fourth quarter and full-year 2019, along with financial guidance for 2020, in the first quarter of 2020.
EXPAREL (bupivacaine liposome injectable suspension) is indicated for single-dose infiltration in adults to produce postsurgical local analgesia and as an interscalene brachial plexus nerve block to produce postsurgical regional analgesia. Safety and efficacy have not been established in other nerve blocks. The product combines bupivacaine with DepoFoam®, a proven product delivery technology that delivers medication over a desired time period. EXPAREL represents the first and only multivesicular liposome local anesthetic that can be utilized in the peri- or postsurgical setting. By utilizing the DepoFoam platform, a single dose of EXPAREL delivers bupivacaine over time, providing significant reductions in cumulative pain scores with up to a 78 percent decrease in opioid consumption; the clinical benefit of the opioid reduction was not demonstrated. Additional information is available at www.EXPAREL.com.
Important Safety Information for Patients
EXPAREL should not be used in obstetrical paracervical block anesthesia.
In studies where EXPAREL was injected into the wound, the most common side effects were nausea, constipation, and vomiting.
In studies where EXPAREL was injected near a nerve, the most common side effects were nausea, fever, and constipation.
EXPAREL is not recommended to be used in patients younger than 18 years old or in pregnant women.
Tell your healthcare provider if you have liver disease, since this may affect how the active ingredient (bupivacaine) in EXPAREL is eliminated from your body.
EXPAREL should not be injected into the spine, joints, or veins.
The active ingredient in EXPAREL:
- Can affect your nervous system and your cardiovascular system
- May cause an allergic reaction
- May cause damage if injected into your joints.
The iovera° system is used to destroy tissue during surgical procedures by applying freezing cold. It can also be used to produce lesions in peripheral nervous tissue by the application of cold to the selected site for the blocking of pain. It is also indicated for the relief of pain and symptoms associated with osteoarthritis of the knee for up to 90 days. In one study, the majority of the patients suffering from osteoarthritis of the knee experienced pain and system relief beyond 150 days.1 The iovera° system’s “1×90” Smart Tip configuration (indicating one needle which is 90 mm long) can also facilitate target nerve location by conducting electrical nerve stimulation from a separate nerve stimulator. The iovera° system is not indicated for treatment of central nervous system tissue.
Important Safety Information
The iovera° system is contraindicated for use in patients with the following: Cryoglobulinemia; Paroxysmal cold hemoglobinuria; cold urticaria; Raynaud’s disease; open and/or infected wounds at or near the treatment line. Potential complications: As with any surgical treatment that uses needle-based therapy, there is potential for temporary site-specific reactions, including but not limited to: bruising (ecchymosis); swelling (edema); inflammation and/or redness (erythema); pain and/or tenderness; altered sensation (localized dysesthesia). Typically, these reactions resolve with no physician intervention. Patients may help the healing process by applying ice packs to the affected sites, and by taking over-the-counter analgesics.
Any statements in this press release about the company’s future expectations, plans, outlook, projections and prospects, and other statements containing the words “believes,” “anticipates,” “plans,” “estimates,” “expects,” “intends,” “may,” “will,” “would,” “could,” “can” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including risks relating to: the success of the company’s sales and manufacturing efforts in support of the commercialization of EXPAREL; the rate and degree of market acceptance of EXPAREL; the size and growth of the potential markets for EXPAREL and the company’s ability to serve those markets; the company’s plans to expand the use of EXPAREL to additional indications and opportunities, and the timing and success of any related clinical trials; the ability to realize anticipated benefits and synergies from the acquisition of MyoScience; the ability to successfully integrate iovera° and any other future acquisitions into the company’s existing business; the commercial success of iovera° and other factors discussed in the “Risk Factors” of the company’s most recent Annual Report on Form 10-K and in other filings that the company periodically makes with the
1Radnovich, R. et al. “Cryoneurolysis to treat the pain and symptoms of knee osteoarthritis: a multicenter, randomized, double-blind, sham-controlled trial.” Osteoarthritis and Cartilage (2017) p1-10.
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Source: Pacira BioSciences